Stats NZ Food Price Index (FPI) shows food prices increased 11.3% for December 2022 compared to a year ago, the biggest annual increase since April 1990. In December, the average cost increase from suppliers to the Foodstuffs co-operatives on the same products measured in the FPI basket was 12.2%. There were 30% more cost increases in December compared to the same time last year.
On the same products, the retail price increase to Foodstuffs customers was 9.8% - meaning the co-operatives’ members held prices in their stores at 1.5% less than inflation in December, and 2.4% below cost increases from suppliers on the FPI basket.
This month’s Infometrics - Foodstuffs New Zealand Grocery Supplier Cost Index shows sustained input cost pressures as suppliers continue to pass through the higher costs they are facing, with a 10.6%pa rise in December.
“There’s still plenty of uncertainty about how strong the economic headwinds will be this year but our co-operatives are continuing our inflation fight for customers at the checkout,” says Foodstuffs NZ Managing Director Chris Quin. Commenting on the latest food price inflation figures released by Stats NZ today, the largest annual increase in 32 years, Quin says local cost pressures are still present for everyone growing, manufacturing and retailing food in New Zealand.
Source - https://www.freshplaza.com
